Jorge Castro Discusses Year-End Tax Package Possibilities in Bloomberg Law
"Year-End Business Tax Break Chances Dwindle, With Window Ajar"
In Bloomberg Law, Jorge Castro, former Congressional tax counsel and Counselor to the IRS Commissioner, discussed the potential for a year-end tax package in light of the Senate's recent vote to approve a stopgap spending bill through early 2024. Punting a tax package to early next year poses headaches for businesses, Castro said. Congress often retroactively extends expired tax measures, but doing that over multiple years is more challenging for both taxpayers and the IRS, Castro noted. "It's definitely problematic, and I think Congress takes it into account as well," Castro acknowledged.